Moving beyond the meltdown in the Gulf

According to Deloitte Center for Energy Solutions recent
study, the Gulf of Mexico deepwater drilling remains vital to
the US economy and is vital for future growth. For the record,
easy oil is gone; oil companies must venture to
more challenging regions to explore and produce (E&P) crude
oil. Such projects will require billions of
dollars of investment in new technologies to produce crude oil
and natural gas at depths greater than 5,000 feet under water.
For the Western Hemisphere, the Gulf remains a hot
bed of E&P activity. This regions crude oil
reserves can provide a significant and secure source of
domestic energy to the US. At present, 30% of the US oil
supplies come from the Gulf of Mexico, and this region provides
an economic engine to the US by creating over thousands of jobs
and more than $11 billion a year in royalties and taxes.

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